BYND is coiling up for a big move with an Inside day candlestick on low volume . This is a big volume pattern as volume is literally drying up. This could be considered a "Quiet and Tight" pattern. I also love the price action on the 30m timeframe at 106 support. This support was tested twice with a 2B reversal/double bottom and a tight pennant pattern is forming. A close near HOD within the previous candle's range will be powerful. Short interest at 23.9% on finviz so short squeeze above 135 is possible.
Entry - 112.22
Stop Loss - 105.60
Target 1 - 138
Target 2 - 150
Entry - 112.22
Stop Loss - 105.60
Target 1 - 138
Target 2 - 150
Comment:
30m timeframe looks strong. Rejects 106 support with a 2B Reversal and is now forming a tight pennant pattern. I entered today within the pennant pattern.
Trade closed: stop reached:
Closed this trade at 117.89. Tightened up stops today as market looks like we're at a short term high. BYND could not defend the 118.50 area and is losing steam. Closed out for a small gain.